Dublin's stock exchange will soon see a third property investment firm, or REIT, make its debut.

Hibernia REIT is seeking to raise €350m from investors to target commercial property acquisitions in the capital.

Real Estate Investment Trusts, or REITs, are special property investment vehicles that offer investors tax advantages. The Government introduced legislation earlier this year to allow REITs to be established here.

The Hibernia REIT, which is expected to float on the stock exchange early in December, is being backed by executives Kevin Nowlan, William Nowlan, Frank Kenny and Frank O'Neill. They're investing a total of €3.5m in the REIT. William Nowlan is the former head of property investment at Irish Life Assurance.

"Dublin is a highly attractive place to do business and with the Irish economy improving, demand for commercial space is set to rise," he said. "We commend the Irish Government for moving to introduce REIT structures and look forward to acquiring and actively managing a high-quality portfolio of properties."

The management team are all part of Dublin-based property firm WK Nowlan with the exception of Mr Kenny, a US-based Irish property investor.

From Dublin, Mr Kenny established Willett Companies. That's a New York property fund with assets of more than €500m.

Daniel Kitchen is chairman of Hibernia REIT. He's a former finance director of Green Property, which backed Ireland's first REIT that hit the stock market during the summer.

Mr Kitchen was also briefly acting chief executive at Irish Nationwide Building Society in 2009. He was also the building society's government-appointed chairman.